JCPenney has sold its Logistics Warehouse and Furniture Outlet Center in Wauwatosa, Wis., to an affiliate of Phoenix Investors for $31.3 million. The 2 million-square-foot property sits on a 77-acre lot adjacent to Interstate 45 and has been under JCPenney’s ownership for more than 50 years. The new owner plans to renovate all the facilities making up the industrial asset.

The first buildings were completed in the 1950s at 18000 W. Burleigh St., while the rest were added in the 1960s and 1970s. They feature above-average clear heights, column spacing and over 100 loading docks, are adjacent to rail and supported by heavy power infrastructure.

“These buildings are in exceptional condition given their age,” said David Marks, Phoenix’s president & CEO, in prepared remarks. “We intend to renovate these buildings, both structurally and cosmetically, in the same first-class manner we have undertaken in many communities throughout the country and other industrial corridors throughout Milwaukee, and the state of Wisconsin. Once complete, they will look and function like a newly constructed industrial facility.”